LOGO

  JANUARY 31, 2024

 

  

2024 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

· iShares MSCI ACWI ETF | ACWI | NASDAQ

· iShares MSCI ACWI Low Carbon Target ETF | CRBN | NYSE Arca

· iShares MSCI All Country Asia ex Japan ETF | AAXJ | NASDAQ

· iShares MSCI Europe Financials ETF | EUFN | NASDAQ

· iShares MSCI Europe Small-Cap ETF | IEUS | NASDAQ

· iShares MSCI Kokusai ETF | TOK | NYSE Arca

 


The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

 

LOGO

Rob Kapito

President, BlackRock Inc.

 

LOGO

Rob Kapito

President, BlackRock Inc.

 

Total Returns as of January 31, 2024
     
      6-Month      12-Month  
 

U.S. large cap equities

(S&P 500® Index)

  6.43%   20.82%
 

U.S. small cap equities
(Russell 2000® Index)

  (2.02)    2.40 
 

International equities

(MSCI Europe, Australasia, Far East Index)

  3.15    10.01 
 

Emerging market equities
(MSCI Emerging Markets Index)

  (6.00)    (2.94) 
 

3-month Treasury bills

(ICE BofA 3-Month U.S. Treasury Bill Index)

  2.73    5.13 
 

U.S. Treasury securities

(ICE BofA 10-Year U.S. Treasury Index)

  1.74    (0.38) 
 

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

  3.15    2.10 
 

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  2.70    2.90 
 

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

  6.18    9.28 
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

T H I S  P A G EI S  N O T  P A R TO F  Y O U R  F U N D  R E P O R T


Table of Contents

 

     

Page

 

 

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     10  

Disclosure of Expenses

     10  

Schedules of Investments

     11  

Financial Statements:

  

Statements of Assets and Liabilities

     86  

Statements of Operations

     88  

Statements of Changes in Net Assets

     90  

Financial Highlights

     93  

Notes to Financial Statements

     99  

Statement Regarding Liquidity Risk Management Program

     111  

Supplemental Information

     112  

General Information

     113  

Glossary of Terms Used in this Report

     114  

 

 

  3


Fund Summary as of January 31,  2024    iShares® MSCI ACWI ETF

 

Investment Objective

The iShares MSCI ACWI ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging market equities, as represented by the MSCI ACWI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years     1 Year     5 Years     10 Years  

Fund NAV

    3.83     14.21     10.14     8.58     14.21     62.06     127.74

Fund Market

    3.67       14.07       10.13       8.59       14.07       61.97       128.06  

Index

    4.08       14.70       10.16       8.43       14.70       62.25       124.64  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/23)

 

 

 

   

Ending

Account Value

(01/31/24)

 

 

 

    

Expenses

Paid During

the Period

 

 

(a)  

   

Beginning

Account Value

(08/01/23)

 

 

 

    

Ending

Account Value

(01/31/24)

 

 

 

    

Expenses

Paid During

the Period

 

 

(a)  

   

Annualized

Expense

Ratio

 

 

 

  $   1,000.00       $  1,038.30        $  1.69       $  1,000.00        $  1,023.50        $  1.68       0.33

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    23.6

Financials

    16.0  

Health Care

    11.4  

Consumer Discretionary

    10.7  

Industrials

    10.5  

Communication Services

    7.5  

Consumer Staples

    6.7  

Energy

    4.5  

Materials

    4.2  

Utilities

    2.6  

Real Estate

    2.3  

GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United States

    63.2

Japan

    5.5  

United Kingdom

    3.4  

Canada

    2.9  

France

    2.8  

China

    2.5  

Switzerland

    2.5  

Germany

    2.0  

India

    1.8  

Australia

    1.8  
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of January 31, 2024    iShares® MSCI ACWI Low Carbon Target ETF

 

Investment Objective

The iShares MSCI ACWI Low Carbon Target ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization developed and emerging market equities with a lower carbon exposure than that of the broad market, as represented by the MSCI ACWI Low Carbon Target Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     Since
Inception
    1 Year     5 Years     Since
Inception
 

Fund NAV

    4.11     14.33     10.34     8.34     14.33     63.56     108.18

Fund Market

    4.06       14.37       10.24       8.33       14.37       62.83       107.92  

Index

    4.31       14.64       10.22       8.12       14.64       62.69       104.21  

The inception date of the Fund was December 8, 2014. The first day of secondary market trading was December 9, 2014.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/23)

 

 

 

   

Ending

Account Value

(01/31/24)

 

 

 

    

Expenses

Paid During

the Period

 

 

(a)  

   

Beginning

Account Value

(08/01/23)

 

 

 

    

Ending

Account Value

(01/31/24)

 

 

 

    

Expenses

Paid During

the Period

 

 

(a)  

   

Annualized

Expense

Ratio

 

 

 

  $   1,000.00       $  1,041.10        $  1.03       $  1,000.00        $  1,024.10        $  1.02       0.20

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    24.0

Financials

    17.9  

Health Care

    11.7  

Industrials

    10.2  

Consumer Discretionary

    10.0  

Communication Services

    8.7  

Consumer Staples

    6.3  

Materials

    3.1  

Energy

    3.1  

Real Estate

    2.8  

Utilities

    2.2  

GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United States

    62.2

Japan

    5.8  

Canada

    3.7  

United Kingdom

    3.2  

China

    3.0  

France

    2.4  

Switzerland

    2.3  

India

    1.7  

Australia

    1.7  

Taiwan

    1.6  
  (a) 

Excludes money market funds.

 

 

 

F U N D  S U M M A R Y

  5


Fund Summary as of January 31, 2024    iShares® MSCI All Country Asia ex Japan ETF

 

Investment Objective

The iShares MSCI All Country Asia ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Asian equities, excluding Japan, as represented by the MSCI AC Asia ex Japan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years     1 Year     5 Years     10 Years  

Fund NAV

    (9.35 )%      (8.92 )%      0.22     3.00     (8.92 )%      1.10     34.37

Fund Market

    (9.06     (8.99     0.04       3.15       (8.99     0.18       36.42  

Index

    (8.35     (7.40     1.09       3.81       (7.40     5.59       45.29  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/23)

 

 

 

   

Ending

Account Value

(01/31/24)

 

 

 

    

Expenses

Paid During

the Period

 

 

(a)  

   

Beginning

Account Value

(08/01/23)

 

 

 

    

Ending

Account Value

(01/31/24)

 

 

 

    

Expenses

Paid During

the Period

 

 

(a)  

   

Annualized

Expense

Ratio

 

 

 

  $   1,000.00       $  906.50        $  3.45       $  1,000.00        $  1,021.50        $  3.66       0.72

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    25.8

Financials

    21.0  

Consumer Discretionary

    13.3  

Communication Services

    9.0  

Industrials

    7.6  

Materials

    4.8  

Consumer Staples

    4.7  

Energy

    4.2  

Health Care

    3.8  

Real Estate

    3.0  

Utilities

    2.8  

GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

China

    29.3

India

    21.0  

Taiwan

    19.5  

South Korea

    14.3  

Hong Kong

    5.5  

Singapore

    3.7  

Indonesia

    2.3  

Thailand

    2.0  

Malaysia

    1.6  

Philippines

    0.8  
  (a)

Excludes money market funds.

 

 

 

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2 0 2 4I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Fund Summary as of January 31, 2024    iShares® MSCI Europe Financials ETF

 

Investment Objective

The iShares MSCI Europe Financials ETF (the “Fund”) seeks to track the investment results of an index composed of developed market European equities in the financials sector, as represented by the MSCI Europe Financials Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years     1 Year     5 Years     10 Years  

Fund NAV

    4.06     9.65     6.97     2.36     9.65     40.08     26.28

Fund Market

    4.14       9.41       6.94       2.37       9.41       39.85       26.45  

Index

    5.01       11.07       7.16       2.56       11.07       41.31       28.72  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/23)

 

 

 

   

Ending

Account Value

(01/31/24)

 

 

 

    

Expenses

Paid During

the Period

 

 

(a)  

   

Beginning

Account Value

(08/01/23)

 

 

 

    

Ending

Account Value

(01/31/24)

 

 

 

    

Expenses

Paid During

the Period

 

 

(a)  

   

Annualized

Expense

Ratio

 

 

 

  $  1,000.00       $  1,040.60        $  2.46       $  1,000.00        $  1,022.70        $  2.44       0.48

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

INDUSTRY ALLOCATION  
   
Industry    

Percent of

Total Investments

 

(a) 

Banks

    46.0

Insurance

    29.7  

Capital Markets

    16.9  

Financial Services

    7.4  

GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United Kingdom

    22.9

Switzerland

    15.3  

Germany

    13.8  

France

    10.6  

Italy

    8.0  

Spain

    7.4  

Netherlands

    6.6  

Sweden

    6.3  

Finland

    3.1  

Belgium

    1.8  
  (a) 

Excludes money market funds.

 

 

 

F U N D  S U M M A R Y

  7


Fund Summary as of January 31, 2024    iShares® MSCI Europe Small-Cap ETF

 

Investment Objective

The iShares MSCI Europe Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities in Europe, as represented by the MSCI Europe Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years     1 Year     5 Years     10 Years  

Fund NAV

    0.06     2.71     4.86     4.88     2.71     26.76     61.03

Fund Market

    0.25       2.72       4.94       4.76       2.72       27.27       59.25  

Index

    0.81       4.04       5.07       4.99       4.04       28.06       62.80  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/23)

 

 

 

   

Ending

Account Value

(01/31/24)

 

 

 

    

Expenses

Paid During

the Period

 

 

(a)  

   

Beginning

Account Value

(08/01/23)

 

 

 

    

Ending

Account Value

(01/31/24)

 

 

 

    

Expenses

Paid During

the Period

 

 

(a)  

   

Annualized

Expense

Ratio

 

 

 

  $   1,000.00       $  1,000.60        $  2.06       $  1,000.00        $  1,023.10        $  2.09       0.41

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

 

   
Sector    

Percent of

Total Investments

 

(a) 

Industrials

    25.0

Financials

    15.0  

Consumer Discretionary

    10.9  

Real Estate

    9.4  

Information Technology

    8.8  

Materials

    7.3  

Health Care

    7.2  

Communication Services

    5.2  

Consumer Staples

    4.8  

Energy

    4.0  

Utilities

    2.4  

GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United Kingdom

    30.2

Sweden

    11.6  

Germany

    9.1  

Switzerland

    9.0  

France

    7.9  

Italy

    6.4  

Norway

    5.0  

Denmark

    4.3  

Spain

    3.9  

Netherlands

    3.7  
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of January 31, 2024    iShares® MSCI Kokusai ETF

 

Investment Objective

The iShares MSCI Kokusai ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding Japan, as represented by the MSCI Kokusai Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years     1 Year     5 Years     10 Years  

Fund NAV

    5.43     17.12     12.07     9.68     17.12     76.75     151.91

Fund Market

    5.69       16.97       12.10       9.60       16.97       77.06       150.07  

Index

    5.13       16.89       11.78       9.42       16.89       74.54       146.09  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/23)

 

 

 

   

Ending

Account Value

(01/31/24)

 

 

 

    

Expenses

Paid During

the Period

 

 

(a)  

   

Beginning

Account Value

(08/01/23)

 

 

 

    

Ending

Account Value

(01/31/24)

 

 

 

    

Expenses

Paid During

the Period

 

 

(a)  

   

Annualized

Expense

Ratio

 

 

 

  $   1,000.00       $  1,054.30        $  1.65       $  1,000.00        $  1,023.50        $  1.63       0.32

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    24.3

Financials

    15.3  

Health Care

    12.6  

Industrials

    10.2  

Consumer Discretionary

    10.0  

Communication Services

    7.4  

Consumer Staples

    6.9  

Energy

    4.6  

Materials

    3.8  

Utilities

    2.6  

Real Estate

    2.3  

GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United States

    74.8

United Kingdom

    4.0  

Canada

    3.4  

France

    3.3  

Switzerland

    2.9  

Germany

    2.4  

Australia

    2.1  

Netherlands

    1.4  

Denmark

    1.0  

Sweden

    0.9  
  (a) 

Excludes money market funds.

 

 

 

F U N D  S U M M A R Y

  9


About Fund Performance   

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

10  

2 0 2 4I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) 

January 31, 2024

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 1.8%            

Ampol Ltd.

    80,884     $ 1,913,107  

ANZ Group Holdings Ltd.

    791,308       13,962,139  

APA Group

    333,417       1,844,160  

Aristocrat Leisure Ltd.

    165,141       4,761,116  

ASX Ltd.

    58,046       2,481,603  

Aurizon Holdings Ltd.

    553,582       1,364,597  

BHP Group Ltd.

    1,392,125       42,590,683  

BlueScope Steel Ltd.

    127,269       1,943,182  

Brambles Ltd.

    403,004       3,842,549  

CAR Group Ltd.

    83,373       1,790,128  

Cochlear Ltd.

    19,614       3,892,377  

Coles Group Ltd.

    368,054       3,819,434  

Commonwealth Bank of Australia

    459,869       35,067,031  

Computershare Ltd.

    167,279       2,770,683  

CSL Ltd.

    133,155       26,148,650  

Dexus

    338,698       1,714,037  

Endeavour Group Ltd./Australia

    343,516       1,257,178  

Fortescue Ltd.

    442,673       8,555,429  

Goodman Group

    464,713       7,713,850  

GPT Group (The)

    680,652       2,057,185  

IDP Education Ltd.

    57,404       735,102  

IGO Ltd.

    173,809       844,923  

Insurance Australia Group Ltd.

    595,497       2,337,579  

James Hardie Industries PLC(a)

    115,718       4,347,576  

Lottery Corp. Ltd. (The)

    571,565       1,876,096  

Macquarie Group Ltd.

    100,005       12,339,559  

Medibank Pvt Ltd.

    882,773       2,210,146  

Mineral Resources Ltd.

    47,173       1,819,406  

Mirvac Group

    1,371,591       1,927,634  

National Australia Bank Ltd.

    857,576       18,086,618  

Northern Star Resources Ltd.

    350,139       3,003,424  

Orica Ltd.

    144,330       1,522,234  

Origin Energy Ltd.

    481,531       2,687,521  

Pilbara Minerals Ltd.(b)

    796,176       1,813,422  

Qantas Airways Ltd.(a)

    246,841       889,951  

QBE Insurance Group Ltd.

    425,547       4,381,680  

Ramsay Health Care Ltd.

    54,282       1,809,683  

REA Group Ltd.

    13,321       1,588,751  

Reece Ltd.

    71,159       1,048,196  

Rio Tinto Ltd.

    93,200       8,019,613  

Santos Ltd.

    935,987       4,730,422  

Scentre Group

    1,462,842       2,908,199  

SEEK Ltd.

    120,035       1,978,810  

Sonic Healthcare Ltd.

    121,161       2,526,231  

South32 Ltd.

    1,358,737       2,941,960  

Stockland

    721,287       2,130,040  

Suncorp Group Ltd.

    327,630       3,015,682  

Telstra Corp. Ltd.

    1,047,600       2,762,870  

Transurban Group

    821,889       7,220,484  

Treasury Wine Estates Ltd.

    243,638       1,708,419  

Vicinity Ltd.

    1,184,054       1,571,721  

Washington H Soul Pattinson & Co. Ltd.

    67,452       1,507,764  

Wesfarmers Ltd.

    312,617       11,834,723  

Westpac Banking Corp.

    939,639       14,740,699  

WiseTech Global Ltd.

    44,696       2,104,337  

Woodside Energy Group Ltd.

    510,060       10,668,524  

Woolworths Group Ltd.

    327,316       7,687,001  

Xero Ltd.(a)

    40,207       2,877,962  
   

 

 

 
       327,694,080  
Security   Shares     Value  
Austria — 0.0%            

Erste Group Bank AG

    83,061     $ 3,578,135  

OMV AG

    42,589       1,895,696  

Verbund AG

    20,185       1,641,410  

voestalpine AG

    36,432       1,083,915  
   

 

 

 
       8,199,156  
Belgium — 0.2%            

Ageas SA/NV

    49,954       2,146,623  

Anheuser-Busch InBev SA/NV

    241,110       14,914,484  

Argenx SE(a)

    16,282       6,148,604  

D’ieteren Group

    5,975       1,207,025  

Elia Group SA/NV

    9,522       1,146,499  

Groupe Bruxelles Lambert NV

    33,081       2,507,860  

KBC Group NV

    63,598       4,148,599  

Lotus Bakeries NV

    111       946,466  

Sofina SA

    3,752       897,340  

Syensqo SA(a)

    18,133       1,616,502  

UCB SA

    34,145       3,211,873  

Umicore SA

    56,606       1,287,586  

Warehouses De Pauw CVA

    61,998       1,813,885  
   

 

 

 
      41,993,346  
Brazil — 0.4%            

Ambev SA

    1,246,006       3,289,552  

Atacadao SA

    94,443       198,440  

B3 SA - Brasil, Bolsa, Balcao

    1,642,357       4,339,265  

Banco Bradesco SA

    90,907       251,011  

Banco BTG Pactual SA

    428,261       3,113,588  

Banco do Brasil SA

    223,561       2,547,234  

Banco Santander Brasil SA

    29,400       170,013  

BB Seguridade Participacoes SA

    187,167       1,293,894  

CCR SA

    373,788       989,847  

Centrais Eletricas Brasileiras SA

    353,362       2,910,686  

Cia. de Saneamento Basico do Estado de Sao Paulo

    110,000       1,750,888  

Cia. Siderurgica Nacional SA

    191,583       685,606  

Cosan SA

    360,842       1,330,652  

Energisa SA

    20,142       205,754  

Eneva SA(a)

    203,111       523,110  

Engie Brasil Energia SA

    54,547       446,778  

Equatorial Energia SA

    351,179       2,511,358  

Hapvida Participacoes e Investimentos SA(a)(c)

    1,434,118       1,123,118  

Hypera SA

    171,610       1,099,061  

JBS SA

    269,725       1,275,565  

Klabin SA

    207,958       893,635  

Localiza Rent a Car SA

    211,348       2,308,686  

Lojas Renner SA

    277,063       897,558  

Magazine Luiza SA(a)

    796,400       337,567  

Natura & Co. Holding SA(a)

    279,435       902,422  

Petroleo Brasileiro SA

    1,010,402       8,598,125  

PRIO SA

    189,140       1,677,079  

Raia Drogasil SA

    367,397       1,876,139  

Rede D’Or Sao Luiz SA(c)

    161,013       882,348  

Rumo SA

    391,525       1,822,333  

Sendas Distribuidora SA

    387,574       1,068,598  

Suzano SA

    196,780       2,050,255  

Telefonica Brasil SA

    140,984       1,461,517  

Tim SA

    335,031       1,172,581  

TOTVS SA

    186,747       1,188,088  

Ultrapar Participacoes SA

    234,821       1,335,158  

Vale SA

    909,851       12,443,788  

Vibra Energia SA

    297,895       1,428,025  

 

 

S C H E D U L E  O F  I N V E S T M E N T S

  11


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Brazil (continued)            

WEG SA

    517,752     $ 3,379,642  
   

 

 

 
      75,778,964  
Canada — 2.9%            

Agnico Eagle Mines Ltd.

    130,642       6,421,082  

Air Canada(a)

    52,213       707,591  

Algonquin Power & Utilities Corp.

    166,383       986,331  

Alimentation Couche-Tard Inc.

    223,180        13,077,556  

AltaGas Ltd.

    71,908       1,494,908  

ARC Resources Ltd.

    159,379       2,475,238  

Bank of Montreal

    195,266       18,393,013  

Bank of Nova Scotia (The)

    328,254       15,350,016  

Barrick Gold Corp.

    452,981       7,075,459  

BCE Inc.

    24,315       981,136  

Brookfield Asset Management Ltd.

    92,743       3,729,173  

Brookfield Corp., Class A

    370,601       14,708,817  

Brookfield Renewable Corp., Class A

    31,687       885,242  

BRP Inc.

    8,679       547,678  

CAE Inc.(a)

    86,823       1,738,462  

Cameco Corp.

    117,347       5,602,666  

Canadian Apartment Properties REIT

    28,451       987,622  

Canadian Imperial Bank of Commerce

    252,366       11,405,228  

Canadian National Railway Co.

    153,551       19,048,113  

Canadian Natural Resources Ltd.

    304,452       19,483,841  

Canadian Pacific Kansas City Ltd.

    248,534       19,999,921  

Canadian Tire Corp. Ltd., Class A, NVS

    17,528       1,863,030  

Canadian Utilities Ltd., Class A, NVS

    86,971       1,982,068  

CCL Industries Inc., Class B, NVS

    48,894       2,092,574  

Cenovus Energy Inc.

    380,920       6,170,878  

CGI Inc.(a)

    57,416       6,429,806  

Constellation Software Inc./Canada

    5,801       16,033,102  

Descartes Systems Group Inc. (The)(a)

    16,687       1,461,113  

Dollarama Inc.

    84,827       6,225,505  

Element Fleet Management Corp.

    108,926       1,837,511  

Emera Inc.

    82,771       2,924,951  

Empire Co. Ltd., Class A, NVS

    33,415       865,914  

Enbridge Inc.

    583,789       20,729,731  

Fairfax Financial Holdings Ltd.

    5,895       6,145,015  

First Quantum Minerals Ltd.

    168,385       1,527,983  

FirstService Corp.

    9,333       1,562,060  

Fortis Inc./Canada

    130,952       5,253,859  

Franco-Nevada Corp.

    51,653       5,588,490  

George Weston Ltd.

    15,637       1,992,352  

GFL Environmental Inc.

    61,642       2,094,393  

Gildan Activewear Inc.

    50,736       1,675,539  

Great-West Lifeco Inc.

    76,657       2,558,939  

Hydro One Ltd.(c)

    101,612       3,015,597  

iA Financial Corp. Inc.

    28,638       1,946,903  

Imperial Oil Ltd.

    58,515       3,375,238  

Intact Financial Corp.

    50,796       7,943,664  

Ivanhoe Mines Ltd., Class A(a)(b)

    155,646       1,633,504  

Keyera Corp.

    58,279       1,409,672  

Kinross Gold Corp.

    411,969       2,270,587  

Loblaw Companies Ltd.

    40,839       4,081,014  

Lundin Mining Corp.

    179,343       1,464,678  

Magna International Inc.

    78,388       4,455,076  

Manulife Financial Corp.

    513,439       11,349,925  

MEG Energy Corp.(a)

    63,329       1,197,384  

Metro Inc./CN

    60,911       3,198,116  

National Bank of Canada

    97,776       7,478,379  

Northland Power Inc.

    58,819       1,082,362  

Nutrien Ltd.

    134,241       6,693,828  

Onex Corp.

    17,206       1,270,437  
Security   Shares     Value  
Canada (continued)            

Open Text Corp.

    83,391     $ 3,636,591  

Pan American Silver Corp.

    95,307       1,290,184  

Parkland Corp.

    44,586       1,521,519  

Pembina Pipeline Corp.

    159,469       5,492,959  

Power Corp. of Canada

    175,145       5,105,383  

Quebecor Inc., Class B

    33,521       815,056  

RB Global Inc.

    48,966       3,134,378  

Restaurant Brands International Inc.

    79,571       6,211,444  

RioCan REIT

    18,716       254,614  

Rogers Communications Inc., Class B, NVS

    102,441       4,785,076  

Royal Bank of Canada

    383,209       37,398,827  

Saputo Inc.

    87,127       1,796,393  

Shopify Inc., Class A(a)

    326,889       26,169,112  

Stantec Inc.

    26,584       2,136,092  

Sun Life Financial Inc.

    156,415       8,107,822  

Suncor Energy Inc.

    360,237       11,928,857  

TC Energy Corp.

    285,797       11,274,999  

Teck Resources Ltd., Class B

    125,465       5,021,586  

TELUS Corp.

    132,681       2,376,406  

TFI International Inc.

    21,151       2,779,702  

Thomson Reuters Corp.

    43,940       6,523,756  

TMX Group Ltd.

    74,289       1,837,264  

Toromont Industries Ltd.

    18,166       1,591,155  

Toronto-Dominion Bank (The)

    494,697       30,050,879  

Tourmaline Oil Corp.

    84,109       3,636,622  

Waste Connections Inc.

    71,638       11,122,516  

West Fraser Timber Co. Ltd.

    18,937       1,505,861  

Wheaton Precious Metals Corp.

    126,694       5,937,736  

WSP Global Inc.

    31,811       4,673,279  
   

 

 

 
       534,096,338  
Chile — 0.0%            

Banco de Chile

    10,358,721       1,159,436  

Banco de Credito e Inversiones SA

    36,177       957,924  

Banco Santander Chile

    19,083,840       882,561  

Cia. Sud Americana de Vapores SA

    3,158,033       227,563  

Empresas CMPC SA

    330,050       537,778  

Empresas Copec SA

    135,225       859,678  

Enel Americas SA

    8,338,078       845,017  

Enel Chile SA

    7,801,320       468,935  

Falabella SA(a)

    174,813       414,921  
   

 

 

 
       6,353,813  
China — 2.5%            

3SBio Inc.(c)

    696,000       524,471  

AAC Technologies Holdings Inc.

    220,500       495,141  

Agricultural Bank of China Ltd., Class A

    2,889,500       1,563,647  

Agricultural Bank of China Ltd., Class H

    7,266,000       2,813,329  

Aier Eye Hospital Group Co. Ltd., Class A

    374,145       667,763  

Air China Ltd., Class H(a)(b)

    862,000       481,573  

Akeso Inc.(a)(b)(c)

    185,000       939,376  

Alibaba Group Holding Ltd.

    4,451,676       39,926,965  

Alibaba Health Information Technology Ltd.(a)(b)

    1,652,000       607,037  

Aluminum Corp. of China Ltd., Class H

    1,516,000       738,839  

Anhui Conch Cement Co. Ltd., Class A

    65,892       211,867  

ANTA Sports Products Ltd.

    357,400       3,016,618  

Autohome Inc., ADR

    19,463       490,468  

AviChina Industry & Technology Co. Ltd., Class H

    918,000       338,593  

Baidu Inc.(a)

    600,710       7,777,517  

Bank of China Ltd., Class H

    21,132,000       7,930,208  

Bank of Communications Co. Ltd., Class A

    1,812,500       1,514,783  

Bank of Communications Co. Ltd., Class H

    736,000       435,421  

Bank of Ningbo Co. Ltd., Class A

    196,315       588,477  

 

 

12  

2 0 2 4I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Bank of Shanghai Co. Ltd., Class A

    973,951     $ 867,081  

BeiGene Ltd.(a)

    183,934       2,084,562  

Beijing Enterprises Holdings Ltd.

    82,000       296,785  

Beijing Enterprises Water Group Ltd.

    1,340,000       326,016  

Beijing Kingsoft Office Software Inc., Class A

    13,600       403,761  

Beijing-Shanghai High Speed Railway Co. Ltd., Class A

    939,000       648,904  

Bilibili Inc.(a)(b)

    55,548       501,564  

BOC Aviation Ltd.(c)

    70,100       525,565  

Bosideng International Holdings Ltd.(b)

    1,128,000       509,920  

BYD Co. Ltd., Class A

    77,100       1,835,992  

BYD Co. Ltd., Class H

    260,000       5,821,441  

BYD Electronic International Co. Ltd.(b)

    268,500       919,777  

CGN Power Co. Ltd.

    260,800       138,637  

CGN Power Co. Ltd., Class H(c)

    5,503,000       1,542,077  

China Cinda Asset Management Co. Ltd.,
Class H

    554,000       53,154  

China CITIC Bank Corp. Ltd., Class H

    2,139,000       1,060,092  

China Coal Energy Co. Ltd., Class H

    695,000       763,234  

China Communications Services Corp. Ltd., Class H

    582,000       239,649  

China Construction Bank Corp., Class H

    26,036,260        15,461,977  

China CSSC Holdings Ltd., Class A

    128,200       545,405  

China Everbright Bank Co. Ltd., Class A

    3,291,000       1,443,416  

China Everbright Environment Group Ltd.

    1,206,000       420,629  

China Feihe Ltd.(c)

    1,205,000       552,051  

China Galaxy Securities Co. Ltd., Class A

    270,500       437,789  

China Gas Holdings Ltd.

    788,600       718,985  

China Hongqiao Group Ltd.

    680,500       498,884  

China International Capital Corp. Ltd., Class H(c)

    828,400       984,672  

China Life Insurance Co. Ltd., Class H

    2,015,000       2,322,976  

China Literature Ltd.(a)(c)

    121,000       351,935  

China Longyuan Power Group Corp. Ltd.,
Class H

    1,059,000       638,801  

China Medical System Holdings Ltd.

    417,000       595,906  

China Mengniu Dairy Co. Ltd.

    911,000       2,018,521  

China Merchants Bank Co. Ltd., Class A

    627,300       2,684,307  

China Merchants Bank Co. Ltd., Class H

    915,288       3,336,577  

China Merchants Port Holdings Co. Ltd.

    444,000       548,951  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

    611,322       747,304  

China Minsheng Banking Corp. Ltd., Class A

    2,773,200       1,524,218  

China Minsheng Banking Corp. Ltd., Class H

    13,500       4,490  

China National Building Material Co. Ltd.,
Class H

    1,060,000       373,909  

China National Nuclear Power Co. Ltd., Class A

    477,400       550,668  

China Oilfield Services Ltd., Class H

    670,000       643,940  

China Overseas Land & Investment Ltd.

    1,036,000       1,567,250  

China Overseas Property Holdings Ltd.

    515,000       341,337  

China Pacific Insurance Group Co. Ltd., Class A

    391,897       1,360,095  

China Pacific Insurance Group Co. Ltd.,
Class H

    389,000       715,749  

China Petroleum & Chemical Corp., Class H

    7,133,200       3,710,713  

China Power International Development Ltd.

    1,823,000       682,039  

China Railway Group Ltd., Class H

    1,507,000       689,207  

China Resources Beer Holdings Co. Ltd.

    474,000       1,714,145  

China Resources Gas Group Ltd.

    284,000       805,419  

China Resources Land Ltd.

    866,000       2,629,223  

China Resources Mixc Lifestyle Services Ltd.(c)

    182,000       525,582  

China Resources Power Holdings Co. Ltd.

    612,000       1,238,137  

China Ruyi Holdings Ltd.(a)(b)

    1,608,000       269,763  

China Shenhua Energy Co. Ltd., Class A

    326,200       1,689,101  

China Shenhua Energy Co. Ltd., Class H

    659,500       2,501,935  

China Southern Airlines Co. Ltd., Class H(a)

    768,000       284,133  

China State Construction Engineering Corp. Ltd., Class A

    2,144,977       1,537,011  
Security   Shares     Value  
China (continued)            

China State Construction International Holdings Ltd.

    686,000     $ 724,623  

China Taiping Insurance Holdings Co. Ltd.

    662,200       549,708  

China Three Gorges Renewables Group Co. Ltd., Class A

    1,161,200       715,664  

China Tourism Group Duty Free Corp. Ltd., Class A

    81,092       901,597  

China Tower Corp. Ltd., Class H(c)

    11,120,000       1,237,003  

China Traditional Chinese Medicine Holdings Co. Ltd.

    1,174,000       448,872  

China United Network Communications Ltd., Class A

    605,800       380,758  

China Vanke Co. Ltd., Class A

    643,696       861,528  

China Yangtze Power Co. Ltd., Class A

    738,510        2,508,186  

Chinasoft International Ltd.

    930,000       529,965  

Chongqing Changan Automobile Co. Ltd., Class A

    237,800       423,538  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    87,150       544,539  

Chow Tai Fook Jewellery Group Ltd.(b)

    531,600       720,152  

CITIC Ltd.

    1,441,000       1,390,844  

CITIC Securities Co. Ltd., Class A

    486,423       1,389,558  

CITIC Securities Co. Ltd., Class H

    538,025       1,050,076  

CMOC Group Ltd., Class H

    1,476,000       808,484  

Contemporary Amperex Technology Co. Ltd., Class A

    95,800       2,021,767  

COSCO SHIPPING Energy Transportation Co. Ltd., Class A

    268,600       492,405  

COSCO Shipping Holdings Co. Ltd., Class H

    1,190,800       1,251,087  

COSCO SHIPPING Ports Ltd.

    542,000       331,909  

Country Garden Holdings Co. Ltd.(a)(b)

    2,716,866       220,354  

Country Garden Services Holdings Co. Ltd.

    655,000       432,688  

CRRC Corp. Ltd., Class A

    400,900       317,111  

CSC Financial Co. Ltd., Class A

    118,800       369,761  

CSPC Pharmaceutical Group Ltd.

    2,463,120       1,812,091  

Daqo New Energy Corp., ADR(a)(b)

    18,917       341,452  

Dongfeng Motor Group Co. Ltd., Class H

    670,000       258,735  

East Buy Holding Ltd.(a)(b)(c)

    129,500       380,479  

East Money Information Co. Ltd., Class A

    400,660       696,274  

ENN Energy Holdings Ltd.

    212,000       1,578,096  

Eve Energy Co. Ltd., Class A

    92,600       448,754  

Far East Horizon Ltd.

    462,000       338,022  

Flat Glass Group Co. Ltd., Class H

    262,000       394,053  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

    127,621       603,786  

Fosun International Ltd.

    653,500       342,941  

Foxconn Industrial Internet Co. Ltd., Class A

    345,700       638,943  

Fuyao Glass Industry Group Co. Ltd., Class H(c)

    237,200       1,072,360  

Ganfeng Lithium Group Co. Ltd., Class A

    29,500       139,751  

Ganfeng Lithium Group Co. Ltd., Class H(b)(c)

    134,840       360,199  

GCL-Poly Energy Holdings Ltd.

    5,900,000       678,871  

GDS Holdings Ltd.(a)(b)

    273,688       183,306  

Geely Automobile Holdings Ltd.

    1,684,000       1,596,193  

Genscript Biotech Corp.(a)

    464,000       770,200  

GF Securities Co. Ltd., Class H

    566,800       570,431  

Great Wall Motor Co. Ltd., Class H

    968,000       953,099  

Greentown China Holdings Ltd.

    259,000       195,118  

Guangdong Investment Ltd.

    1,022,000       594,157  

Guangzhou Automobile Group Co. Ltd., Class H

    1,068,000       422,142  

Guotai Junan Securities Co. Ltd., Class A

    326,800       664,943  

H World Group Ltd., ADR

    59,427       1,887,996  

Haidilao International Holding Ltd.(c)

    529,000       833,448  

Haier Smart Home Co. Ltd., Class A

    107,500       334,428  

 

 

S C H E D U L E  O F  I N V E S T M E N T S

  13


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Haier Smart Home Co. Ltd., Class H

    733,400     $ 2,072,340  

Haitian International Holdings Ltd.

    196,000       436,277  

Haitong Securities Co. Ltd., Class H

    892,800       411,529  

Hansoh Pharmaceutical Group Co. Ltd.(c)

    480,000       720,934  

Hengan International Group Co. Ltd.

    226,500       701,355  

Hengli Petrochemical Co. Ltd., Class A(a)

    408,500       667,014  

Hua Hong Semiconductor Ltd.(a)(c)

    182,000       329,719  

Huaneng Power International Inc., Class H(a)

    1,992,000        1,123,320  

Huatai Securities Co. Ltd., Class H(c)

    645,400       761,392  

Hygeia Healthcare Holdings Co. Ltd.(b)(c)

    143,800       468,627  

Industrial & Commercial Bank of China Ltd., Class A

    3,660,291       2,632,746  

Industrial & Commercial Bank of China Ltd., Class H

    15,385,260       7,494,618  

Industrial Bank Co. Ltd., Class A

    813,700       1,782,349  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

    360,000       1,357,751  

Inner Mongolia Yitai Coal Co. Ltd., Class B

    443,000       837,985  

Innovent Biologics Inc.(a)(c)

    402,000       1,619,622  

iQIYI Inc., ADR(a)(b)

    113,637       380,684  

JD Health International Inc.(a)(c)

    325,300       1,073,420  

JD.com Inc.

    623,676       7,032,654  

Jiangsu Expressway Co. Ltd., Class H

    524,000       500,008  

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A

    250,718       1,309,328  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

    58,600       745,759  

Jiangxi Copper Co. Ltd., Class H

    375,000       524,449  

JOYY Inc., ADR

    17,857       547,496  

Kanzhun Ltd., ADR

    59,065       821,594  

KE Holdings Inc., ADR

    178,943       2,535,622  

Kingboard Holdings Ltd.

    282,000       501,933  

Kingboard Laminates Holdings Ltd.

    494,000       296,903  

Kingdee International Software Group Co. Ltd.(a)

    864,000       835,197  

Kingsoft Corp. Ltd.(b)

    335,800       816,919  

Kuaishou Technology(a)(c)

    616,600       3,107,871  

Kunlun Energy Co. Ltd.

    1,192,000       1,067,909  

Kweichow Moutai Co. Ltd., Class A

    23,232       5,192,783  

Legend Biotech Corp., ADR(a)

    18,590       1,023,565  

Lenovo Group Ltd.

    2,112,000       2,211,414  

Li Auto Inc.(a)

    312,876       4,324,860  

Li Ning Co. Ltd.

    682,500       1,458,040  

Longfor Group Holdings Ltd.(b)(c)

    555,000       615,387  

LONGi Green Energy Technology Co. Ltd., Class A

    230,820       621,396  

Lufax Holding Ltd., Class A, ADR(b)

    54,334       128,772  

Luxshare Precision Industry Co. Ltd., Class A

    329,840       1,168,036  

Luzhou Laojiao Co. Ltd., Class A

    35,100       718,261  

Meituan, Class B(a)(c)

    1,363,620       10,967,900  

Microport Scientific Corp.(a)

    264,000       194,967  

MINISO Group Holding Ltd.

    100,424       424,745  

Minth Group Ltd.

    244,000       395,507  

Muyuan Foods Co. Ltd., Class A

    158,912       779,988  

NARI Technology Co. Ltd., Class A

    190,620       556,781  

NAURA Technology Group Co. Ltd., Class A

    12,900       407,493  

NetEase Inc.

    538,290       10,463,340  

New China Life Insurance Co. Ltd., Class H

    231,500       413,143  

New Oriental Education & Technology Group Inc.(a)

    420,030       3,241,895  

Nine Dragons Paper Holdings Ltd.(a)

    456,000       168,942  

Ningxia Baofeng Energy Group Co. Ltd., Class A

    310,200       575,766  

NIO Inc., ADR(a)(b)

    400,629       2,251,535  
Security   Shares     Value  
China (continued)            

Nongfu Spring Co. Ltd., Class H(c)

    491,200     $ 2,665,817  

Orient Overseas International Ltd.

    40,000       597,128  

Orient Securities Co. Ltd., Class A

    291,400       335,488  

PDD Holdings Inc., ADR(a)

    163,815        20,783,209  

People’s Insurance Co. Group of China Ltd. (The), Class H

    2,442,000       759,164  

PetroChina Co. Ltd., Class H

    5,774,000       4,176,714  

PICC Property & Casualty Co. Ltd., Class H

    1,996,000       2,482,754  

Ping An Bank Co. Ltd., Class A

    844,100       1,111,684  

Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)

    183,100       262,885  

Ping An Insurance Group Co. of China Ltd., Class A

    303,800       1,716,407  

Ping An Insurance Group Co. of China Ltd.,
Class H

    1,678,000       7,053,542  

Poly Developments and Holdings Group Co. Ltd., Class A

    713,399       950,733  

Pop Mart International Group Ltd.(c)

    153,600       344,468  

Postal Savings Bank of China Co. Ltd., Class A

    475,800       313,472  

Postal Savings Bank of China Co. Ltd., Class H(c)

    1,333,000       641,052  

Qifu Technology Inc.

    27,412       393,362  

Rongsheng Petrochemical Co. Ltd., Class A

    211,500       278,543  

SAIC Motor Corp. Ltd., Class A

    580,613       1,105,229  

Sany Heavy Equipment International Holdings Co. Ltd.

    707,000       460,149  

Sany Heavy Industry Co. Ltd., Class A

    184,400       335,873  

SF Holding Co. Ltd., Class A

    210,600       1,035,461  

Shaanxi Coal Industry Co. Ltd., Class A

    482,500       1,625,919  

Shandong Gold Mining Co. Ltd., Class H(c)

    267,250       384,758  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

    701,200       449,352  

Shanghai Baosight Software Co. Ltd., Class B

    167,800       330,593  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    256,000       434,664  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    361,800       511,407  

Shanghai Pudong Development Bank Co. Ltd., Class A

    1,055,565       1,003,679  

Shanghai United Imaging Healthcare Co. Ltd., NVS

    13,944       261,652  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

    32,100       895,297  

Shenzhen Inovance Technology Co. Ltd., Class A

    50,600       394,088  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

    40,200       1,502,898  

Shenzhou International Group Holdings Ltd.

    225,700       2,009,950  

Sino Biopharmaceutical Ltd.

    2,976,000       1,073,848  

Sinopharm Group Co. Ltd., Class H

    450,800       1,185,371  

Sinotruk Hong Kong Ltd.

    143,000       324,781  

Smoore International Holdings Ltd.(b)(c)

    536,000       324,121  

Sungrow Power Supply Co. Ltd., Class A

    49,300       537,645  

Sunny Optical Technology Group Co. Ltd.

    203,000       1,247,716  

TAL Education Group, ADR(a)(b)

    107,937       1,148,450  

Tencent Holdings Ltd.

    1,816,900       63,066,961  

Tencent Music Entertainment Group, ADR(a)(b)

    229,292       2,155,345  

Tongcheng Travel Holdings Ltd.(a)

    444,400       906,511  

Tongwei Co. Ltd., Class A

    184,800       598,989  

Topsports International Holdings Ltd.(c)

    512,000       331,869  

TravelSky Technology Ltd., Class H

    444,000       446,592  

Trip.com Group Ltd.(a)

    143,626       5,227,901  

Tsingtao Brewery Co. Ltd., Class A

    99,900       968,387  

Tsingtao Brewery Co. Ltd., Class H

    62,000       353,816  

Uni-President China Holdings Ltd.

    586,000       329,169  

 

 

14  

2 0 2 4I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Vinda International Holdings Ltd.

    204,000     $ 602,764  

Vipshop Holdings Ltd., ADR(a)

    111,908       1,778,218  

Wanhua Chemical Group Co. Ltd., Class A

    121,653       1,183,830  

Want Want China Holdings Ltd.

    1,672,000       921,766  

Weibo Corp., ADR

    20,779       168,310  

Weichai Power Co. Ltd., Class H

    649,000       1,145,786  

Wens Foodstuffs Group Co. Ltd., Class A

    545,216       1,424,940  

Will Semiconductor Co. Ltd. Shanghai, Class A

    44,900       539,466  

Wuliangye Yibin Co. Ltd., Class A

    91,600       1,614,662  

WuXi AppTec Co. Ltd., Class A

    126,159       956,006  

WuXi AppTec Co. Ltd., Class H(b)(c)

    44,912       310,746  

Wuxi Biologics Cayman Inc.(a)(c)

    1,053,000       2,771,006  

Xiaomi Corp., Class B(a)(c)

    4,248,600       6,693,789  

Xinyi Solar Holdings Ltd.

    1,544,000       708,914  

XPeng Inc.(a)

    291,634       1,214,553  

Xtep International Holdings Ltd.

    442,500       217,913  

Yadea Group Holdings Ltd.(c)

    446,000       611,511  

Yankuang Energy Group Co. Ltd., Class H

    864,000       1,775,073  

Yuexiu Property Co. Ltd.

    399,000       249,856  

Yum China Holdings Inc.

    117,426       4,061,765  

Yunnan Baiyao Group Co. Ltd., Class A

    138,800       898,622  

Zai Lab Ltd.(a)

    277,980       590,641  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    21,692       601,402  

Zhaojin Mining Industry Co. Ltd., Class H

    454,500       423,673  

Zhejiang Expressway Co. Ltd., Class H

    728,640       541,278  

Zhejiang Leapmotor Technology Co. Ltd.(a)(b)(c)

    140,300       379,129  

ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(c)

    208,900       326,357  

Zhongsheng Group Holdings Ltd.

    187,000       315,660  

Zhuzhou CRRC Times Electric Co. Ltd.

    216,100       530,494  

Zijin Mining Group Co. Ltd., Class A

    354,100       593,799  

Zijin Mining Group Co. Ltd., Class H

    1,812,000       2,688,761  

ZTE Corp., Class H

    243,600       423,321  

ZTO Express Cayman Inc., ADR

    122,992       2,012,149  
   

 

 

 
       459,910,762  
Colombia — 0.0%            

Interconexion Electrica SA ESP

    26,649       115,384  
   

 

 

 
Czech Republic — 0.0%            

CEZ AS

    51,404       1,947,456  

Komercni Banka AS

    39,318       1,289,931  
   

 

 

 
      3,237,387  
Denmark — 0.8%            

AP Moller - Maersk A/S, Class A

    833       1,510,454  

AP Moller - Maersk A/S, Class B, NVS

    567       1,045,434  

Carlsberg A/S, Class B

    26,046       3,351,272  

Coloplast A/S, Class B(b)

    35,403       4,080,964  

Danske Bank A/S

    189,439       5,086,713  

Demant A/S(a)

    24,815       1,124,092  

DSV A/S

    52,095       9,320,302  

Genmab A/S(a)

    18,331       5,068,925  

Novo Nordisk A/S

    894,116       102,201,379  

Novozymes A/S, Class B

    103,560       5,306,485  

Orsted A/S(c)

    55,069       3,103,950  

Pandora A/S

    25,409       3,712,685  

Tryg A/S

    108,641       2,322,105  

Vestas Wind Systems A/S(a)

    274,921       7,751,400  
   

 

 

 
      154,986,160  
Egypt — 0.0%            

Commercial International Bank Egypt SAE

    636,678       832,713  
   

 

 

 
Security   Shares     Value  
Finland — 0.2%            

Elisa OYJ

    32,204     $ 1,467,261  

Fortum OYJ

    125,584       1,716,752  

Kesko OYJ, Class B

    75,069       1,466,068  

Kone OYJ, Class B

    88,084       4,360,273  

Metso OYJ

    167,481       1,673,912  

Neste OYJ

    117,715       4,058,168  

Nokia OYJ

    1,473,754       5,327,950  

Nordea Bank Abp

    840,260       10,354,012  

Orion OYJ, Class B

    27,418       1,262,261  

Sampo OYJ, Class A

    124,795       5,223,349  

Stora Enso OYJ, Class R

    175,116       2,228,310  

UPM-Kymmene OYJ

    148,612       5,405,348  

Wartsila OYJ Abp

    151,551       2,235,613  
   

 

 

 
      46,779,277  
France — 2.8%            

Accor SA

    54,913       2,168,706  

Aeroports de Paris SA

    5,652       756,293  

Air Liquide SA

    141,304       26,442,684  

Airbus SE

    160,071        25,497,044  

Alstom SA

    79,789       1,006,172  

Amundi SA(c)

    12,544       848,446  

ArcelorMittal SA

    125,474       3,455,556  

Arkema SA

    12,706       1,382,832  

AXA SA

    506,500       17,000,829  

BioMerieux

    10,445       1,124,177  

BNP Paribas SA

    288,390       19,375,242  

Bollore SE

    246,856       1,630,491  

Bouygues SA

    70,657       2,588,349  

Bureau Veritas SA

    102,721       2,732,264  

Capgemini SE

    46,675       10,376,851  

Carrefour SA

    170,286       2,907,173  

Cie. de Saint-Gobain

    128,151       9,061,112  

Cie. Generale des Etablissements Michelin SCA

    201,841       6,701,658  

Covivio SA/France

    9,045       437,994  

Credit Agricole SA

    300,726       4,307,855  

Danone SA

    176,842       11,781,853  

Dassault Aviation SA

    6,210       1,176,226  

Dassault Systemes SE

    181,223       9,394,286  

Edenred SE

    74,992       4,479,158  

Eiffage SA

    30,009       3,139,847  

Engie SA

    490,876       7,840,503  

EssilorLuxottica SA

    77,799       15,246,504  

Eurazeo SE

    3,235       275,558  

Eurofins Scientific SE

    33,156       1,996,547  

Euronext NV(c)

    18,154       1,596,774  

Gecina SA

    12,822       1,414,095  

Getlink SE

    115,814       1,995,601  

Hermes International SCA

    8,623       18,191,590  

Ipsen SA

    10,773       1,242,117  

Kering SA

    20,187       8,292,282  

Klepierre SA

    40,707       1,053,932  

La Francaise des Jeux SAEM(c)

    25,388       1,029,067  

Legrand SA

    76,876       7,450,484  

L’Oreal SA

    65,236       31,218,950  

LVMH Moet Hennessy Louis Vuitton SE

    74,820       62,254,620  

Orange SA

    486,730       5,788,155  

Pernod Ricard SA

    57,869       9,489,680  

Publicis Groupe SA

    65,730       6,585,721  

Remy Cointreau SA

    4,015       406,816  

Renault SA

    58,538       2,204,522  

Safran SA

    93,877       17,527,667  

Sanofi SA

    312,629       31,308,399  

 

 

S C H E D U L E  O F  I N V E S T M E N T S

  15


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
France (continued)            

Sartorius Stedim Biotech

    7,802     $ 2,102,149  

Schneider Electric SE

    144,854       28,456,567  

SEB SA

    5,107       623,617  

Societe Generale SA

    201,999       5,192,388  

Sodexo SA

    24,675       2,783,561  

Teleperformance SE

    17,029       2,659,488  

Thales SA

    29,061       4,250,289  

TotalEnergies SE

    629,397       40,832,498  

Unibail-Rodamco-Westfield, New(a)

    36,655       2,624,670  

Veolia Environnement SA

    191,085       6,226,283  

Vinci SA

    144,947       18,310,033  

Vivendi SE

    205,387       2,314,621  

Worldline SA/France(a)(c)

    65,705       888,232  
   

 

 

 
       521,447,078  
Germany — 1.9%            

adidas AG

    43,584       8,228,136  

Allianz SE, Registered

    109,289       29,199,393  

BASF SE

    245,381       11,730,191  

Bayer AG, Registered

    268,002       8,339,315  

Bayerische Motoren Werke AG

    85,759       8,923,489  

Bechtle AG

    23,248       1,205,475  

Beiersdorf AG

    26,781       3,919,122  

Brenntag SE

    41,665       3,683,602  

Carl Zeiss Meditec AG, Bearer

    12,224       1,288,553  

Commerzbank AG

    287,185       3,297,915  

Continental AG

    29,141       2,380,547  

Covestro AG(a)(c)

    57,075       3,013,873  

Daimler Truck Holding AG

    141,638       5,061,740  

Delivery Hero SE(a)(c)

    53,862       1,222,090  

Deutsche Bank AG, Registered

    540,876       6,986,888  

Deutsche Boerse AG

    51,050       10,166,079  

Deutsche Lufthansa AG, Registered(a)

    216,481       1,800,120  

Deutsche Post AG, Registered

    272,039       13,029,076  

Deutsche Telekom AG, Registered

    877,729       21,546,324  

E.ON SE

    603,402       8,163,592  

Evonik Industries AG

    44,116       811,564  

Fresenius Medical Care AG & Co. KGaA(b)

    53,962       2,085,610  

Fresenius SE & Co. KGaA

    108,969       3,059,068  

GEA Group AG

    52,957       2,120,877  

Hannover Rueck SE

    18,604       4,459,693  

Heidelberg Materials AG

    37,706       3,481,939  

HelloFresh SE(a)

    47,019       621,815  

Henkel AG & Co. KGaA

    30,545       2,088,993  

Infineon Technologies AG

    356,239       12,987,378  

Knorr-Bremse AG

    19,053       1,176,830  

LEG Immobilien SE(a)

    19,890       1,650,465  

Mercedes-Benz Group AG

    219,274       14,803,797  

Merck KGaA

    36,670       6,016,648  

MTU Aero Engines AG

    15,503       3,564,607  

Muenchener Rueckversicherungs-Gesellschaft AGin Muenchen, Registered

    37,504       15,966,163  

Nemetschek SE

    18,760       1,731,053  

Puma SE

    29,882       1,202,565  

Rational AG

    1,363       1,047,037  

Rheinmetall AG

    11,715       4,102,250  

RWE AG

    169,709       6,266,610  

SAP SE

    285,057       49,385,149  

Scout24 SE(c)

    24,733       1,821,098  

Siemens AG, Registered

    207,262       37,104,840  

Siemens Healthineers AG(c)

    77,639       4,320,706  

Symrise AG, Class A

    38,558       3,978,172  

Talanx AG(a)

    12,586       883,046  
Security   Shares     Value  
Germany (continued)            

Volkswagen AG

    3,007     $ 424,532  

Vonovia SE

    204,400       6,367,541  

Wacker Chemie AG

    5,594       606,505  

Zalando SE(a)(c)

    59,028       1,178,590  
   

 

 

 
       348,500,661  
Greece — 0.1%            

Alpha Services and Holdings SA(a)

    635,608       1,131,934  

Eurobank Ergasias Services and Holdings SA, Class A(a)

    733,696       1,416,922  

Hellenic Telecommunications Organization SA

    56,482       784,245  

JUMBO SA

    65,225       1,832,705  

Mytilineos SA

    25,139       1,032,373  

National Bank of Greece SA(a)

    143,659       1,092,251  

OPAP SA

    53,509       926,392  

Piraeus Financial Holdings SA(a)

    175,506       710,751  

Public Power Corp. SA(a)

    57,244       757,474  
   

 

 

 
      9,685,047  
Hong Kong — 0.5%            

AIA Group Ltd.

    3,175,200       24,901,239  

BOC Hong Kong Holdings Ltd.

    1,096,500       2,628,084  

Budweiser Brewing Co. APAC Ltd.(c)

    495,800       781,451  

CK Asset Holdings Ltd.

    591,016       2,666,865  

CK Hutchison Holdings Ltd.

    742,016       3,832,379  

CK Infrastructure Holdings Ltd.

    215,000       1,276,851  

CLP Holdings Ltd.

    456,500       3,630,745  

ESR Group Ltd.(b)(c)

    670,400       856,954  

Futu Holdings Ltd., ADR(a)

    19,129       893,707  

Galaxy Entertainment Group Ltd.

    656,000       3,404,561  

Hang Lung Properties Ltd.

    610,000       708,185  

Hang Seng Bank Ltd.

    203,700       2,120,551  

Henderson Land Development Co. Ltd.

    299,003       779,088  

HKT Trust & HKT Ltd., Class SS

    1,215,000       1,459,531  

Hong Kong & China Gas Co. Ltd.

    3,403,040       2,421,695  

Hong Kong Exchanges & Clearing Ltd.

    338,300       10,256,849  

Hongkong Land Holdings Ltd.

    365,600       1,141,222  

Jardine Matheson Holdings Ltd.

    40,700       1,634,272  

Link REIT

    684,560       3,433,535  

MTR Corp. Ltd.

    432,500       1,407,056  

New World Development Co. Ltd.

    483,916       593,113  

Power Assets Holdings Ltd.

    450,000       2,634,833  

Sands China Ltd.(a)

    685,600       1,799,542  

Sino Land Co. Ltd.

    1,668,000       1,742,333  

SITC International Holdings Co. Ltd.

    441,000       669,148  

Sun Hung Kai Properties Ltd.

    429,500       4,008,689  

Swire Pacific Ltd., Class A

    142,500       1,102,527  

Swire Properties Ltd.

    195,800       365,906  

Techtronic Industries Co. Ltd.

    397,000       4,216,579  

WH Group Ltd.(c)

    2,110,000       1,244,889  

Wharf Holdings Ltd. (The)(b)

    278,000       812,229  

Wharf Real Estate Investment Co. Ltd.

    476,200       1,395,187  

Xinyi Glass Holdings Ltd.

    547,000       453,476  
   

 

 

 
      91,273,271  
Hungary — 0.0%            

MOL Hungarian Oil & Gas PLC

    119,126       976,303  

OTP Bank Nyrt

    71,086       3,293,328  

Richter Gedeon Nyrt

    25,206       680,426  
   

 

 

 
      4,950,057  
India — 1.8%            

Adani Enterprises Ltd.

    45,330       1,715,585  

Adani Green Energy Ltd.(a)

    85,144       1,724,711  

Adani Ports & Special Economic Zone Ltd.

    139,110       2,022,331  

 

 

16  

2 0 2 4I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
India (continued)            

Adani Power Ltd.(a)

    197,630     $ 1,341,629  

Ambuja Cements Ltd.

    189,376       1,274,560  

APL Apollo Tubes Ltd.

    45,300       821,001  

Apollo Hospitals Enterprise Ltd.

    31,137       2,380,859  

Asian Paints Ltd.

    118,543       4,210,827  

Astral Ltd.

    25,250       556,292  

Aurobindo Pharma Ltd.

    99,681       1,380,733  

Avenue Supermarts Ltd.(a)(c)

    42,855       1,958,136  

Axis Bank Ltd.

    679,253       8,733,365  

Bajaj Auto Ltd.

    20,243       1,871,322  

Bajaj Finance Ltd.

    77,656       6,427,702  

Bajaj Finserv Ltd.

    124,000       2,429,543  

Bandhan Bank Ltd.(c)

    184,727       508,906  

Bank of Baroda

    200,800       597,915  

Bharat Electronics Ltd.

    1,017,161       2,278,202  

Bharat Forge Ltd.

    71,325       1,060,171  

Bharat Petroleum Corp. Ltd.

    242,402       1,469,211  

Bharti Airtel Ltd.

    668,971       9,436,855  

Britannia Industries Ltd.

    31,524       1,971,700  

CG Power and Industrial Solutions Ltd.

    173,776       980,369  

Cholamandalam Investment and Finance Co. Ltd.

    128,352       1,828,532  

Cipla Ltd.

    140,121       2,278,954  

Coal India Ltd.

    384,143       1,880,903  

Colgate-Palmolive India Ltd.

    32,670       1,011,790  

Container Corp. of India Ltd.

    90,484       965,839  

Cummins India Ltd.

    32,227       890,400  

Dabur India Ltd.

    153,060       994,206  

Divi’s Laboratories Ltd.

    40,106       1,772,894  

DLF Ltd.

    194,177       1,874,481  

Dr. Reddy’s Laboratories Ltd.

    35,339       2,596,602  

Eicher Motors Ltd.

    41,362       1,914,695  

GAIL India Ltd.

    677,920       1,410,608  

Godrej Consumer Products Ltd.

    105,198       1,475,200  

Godrej Properties Ltd.(a)

    31,775       907,848  

Grasim Industries Ltd.

    79,236       2,075,406  

Havells India Ltd.

    85,052       1,325,207  

HCL Technologies Ltd.

    308,210       5,845,415  

HDFC Bank Ltd.

    795,235       13,984,890  

HDFC Life Insurance Co. Ltd.(c)

    260,182       1,806,645  

Hero MotoCorp Ltd.

    33,688       1,875,451  

Hindalco Industries Ltd.

    391,246       2,724,860  

Hindustan Aeronautics Ltd., NVS

    31,340       1,134,111  

Hindustan Petroleum Corp. Ltd.(a)

    137,887       769,514  

Hindustan Unilever Ltd.

    227,372       6,798,799  

ICICI Bank Ltd.

    1,423,567        17,631,065  

ICICI Lombard General Insurance Co. Ltd.(c)

    69,193       1,245,112  

IDFC First Bank Ltd.(a)

    952,827       967,207  

Indian Hotels Co. Ltd., Class A

    230,477       1,366,686  

Indian Oil Corp. Ltd.

    752,235       1,332,109  

Indian Railway Catering & Tourism Corp. Ltd.

    71,701       843,376  

Indraprastha Gas Ltd.

    104,676       543,033  

IndusInd Bank Ltd.

    78,290       1,445,322  

Info Edge India Ltd.

    24,142       1,461,729  

Infosys Ltd.

    895,335       17,849,542  

InterGlobe Aviation Ltd.(a)(c)

    39,590       1,411,862  

ITC Ltd.

    897,401       4,770,658  

Jindal Steel & Power Ltd.

    79,578       725,783  

Jio Financial Services Ltd., NVS(a)

    830,922       2,480,891  

JSW Steel Ltd.

    249,994       2,461,522  

Jubilant Foodworks Ltd.

    118,201       739,569  

Kotak Mahindra Bank Ltd.

    296,224       6,510,650  

Larsen & Toubro Ltd.

    181,552       7,600,717  
Security   Shares     Value  
India (continued)            

LTIMindtree Ltd.(c)

    30,540     $ 2,000,331  

Lupin Ltd.

    80,554       1,458,766  

Macrotech Developers Ltd.

    61,753       796,837  

Mahindra & Mahindra Ltd.

    239,191       4,756,328  

Marico Ltd.

    148,901       947,098  

Maruti Suzuki India Ltd.

    37,385       4,585,309  

Max Healthcare Institute Ltd.

    221,685       2,084,764  

Nestle India Ltd., NVS

    82,597       2,491,502  

NTPC Ltd.

    1,056,191       4,043,786  

Oil & Natural Gas Corp. Ltd.

    940,384       2,856,617  

One 97 Communications Ltd., NVS(a)

    60,477       552,956  

Page Industries Ltd.

    1,783       800,930  

Persistent Systems Ltd.

    13,613       1,366,227  

PI Industries Ltd.

    23,399       950,869  

Pidilite Industries Ltd.

    44,530       1,357,232  

Polycab India Ltd.

    12,297       642,769  

Power Finance Corp. Ltd.

    365,296       1,950,538  

Power Grid Corp. of India Ltd.

    1,277,202       3,989,145  

REC Ltd.

    307,229       1,845,573  

Reliance Industries Ltd.

    831,693       28,574,065  

Samvardhana Motherson International Ltd.

    510,553       696,045  

SBI Life Insurance Co. Ltd.(c)

    127,818       2,161,239  

Shree Cement Ltd.

    2,909       999,795  

Shriram Finance Ltd.

    75,710       2,250,419  

Siemens Ltd.

    22,438       1,118,659  

Sona Blw Precision Forgings Ltd.(c)

    92,537       688,763  

SRF Ltd.

    41,794       1,168,990  

State Bank of India

    523,951       4,047,192  

Sun Pharmaceutical Industries Ltd.

    261,330       4,464,531  

Supreme Industries Ltd.

    13,606       676,932  

Suzlon Energy Ltd.(a)

    2,355,947       1,302,717  

Tata Communications Ltd.

    28,684       600,026  

Tata Consultancy Services Ltd.

    249,988       11,482,222  

Tata Consumer Products Ltd.

    180,014       2,424,178  

Tata Elxsi Ltd.

    11,180       1,023,346  

Tata Motors Ltd.

    470,697       5,009,554  

Tata Motors Ltd., Class A

    8,765       61,639  

Tata Power Co. Ltd. (The)

    415,330       1,947,594  

Tata Steel Ltd.

    2,051,125       3,358,720  

Tech Mahindra Ltd.

    182,374       2,921,735  

Titan Co. Ltd.

    99,505       4,427,754  

Trent Ltd.

    69,964       2,601,439  

Tube Investments of India Ltd.

    33,506       1,574,953  

TVS Motor Co. Ltd.

    126,840       3,056,238  

UltraTech Cement Ltd.

    28,082       3,433,640  

UPL Ltd.

    151,290       979,001  

Varun Beverages Ltd.

    134,990       2,082,420  

Vedanta Ltd.

    221,160       730,191  

Wipro Ltd.

    355,792       2,034,934  

Yes Bank Ltd.(a)

    4,325,549       1,256,230  

Zomato Ltd.(a)

    1,405,527       2,361,478  
   

 

 

 
       329,676,224  
Indonesia — 0.2%            

Adaro Energy Indonesia Tbk PT

    4,744,900       719,455  

Amman Mineral Internasional PT(a)

    1,782,500       850,334  

Aneka Tambang Tbk

    2,212,100       217,036  

Astra International Tbk PT

    6,728,900       2,180,435  

Bank Central Asia Tbk PT

    13,243,700       8,012,788  

Bank Mandiri Persero Tbk PT

    9,369,228       3,944,589  

Bank Negara Indonesia Persero Tbk PT

    6,032,976       2,194,890  

Bank Rakyat Indonesia Persero Tbk PT

    17,926,130       6,457,625  

Barito Pacific Tbk PT

    7,625,694       511,541  

 

 

S C H E D U L E  O F  I N V E S T M E N T S

  17


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Indonesia (continued)            

Charoen Pokphand Indonesia Tbk PT

    2,451,745     $ 695,858  

GoTo Gojek Tokopedia Tbk PT(a)

    217,995,300       1,209,286  

Indah Kiat Pulp & Paper Tbk PT

    682,500       338,085  

Indofood Sukses Makmur Tbk PT

    2,621,700       1,059,320  

Kalbe Farma Tbk PT

    8,902,700       852,018  

Merdeka Copper Gold Tbk PT(a)

    4,550,932       777,783  

Semen Indonesia Persero Tbk PT

    1,549,602       608,587  

Sumber Alfaria Trijaya Tbk PT

    5,994,000       1,005,999  

Telkom Indonesia Persero Tbk PT

    11,783,600       2,955,643  

Unilever Indonesia Tbk PT

    2,310,900       453,979  

United Tractors Tbk PT

    738,606       1,072,904  
   

 

 

 
      36,118,155  
Ireland — 0.2%            

AIB Group PLC

    194,648       854,976  

Bank of Ireland Group PLC

    212,536       1,954,477  

CRH PLC

    214,983       15,251,242  

Flutter Entertainment PLC(a)

    45,958       9,433,160  

Kerry Group PLC, Class A

    54,753       4,880,354  

Kingspan Group PLC

    35,332       2,869,545  

Smurfit Kappa Group PLC

    88,650       3,303,523  
   

 

 

 
      38,547,277  
Israel — 0.2%            

Azrieli Group Ltd.

    10,219       688,583  

Bank Hapoalim BM

    363,470       3,092,370  

Bank Leumi Le-Israel BM

    380,251       2,888,069  

Check Point Software Technologies Ltd.(a)

    26,388       4,193,845  

CyberArk Software Ltd.(a)(b)

    12,525       2,924,337  

Elbit Systems Ltd.

    9,213       1,900,488  

Global-e Online Ltd.(a)(b)

    25,796       974,315  

ICL Group Ltd.

    273,376        1,243,393  

Isracard Ltd.

    2       7  

Israel Discount Bank Ltd., Class A

    297,531       1,443,290  

Mizrahi Tefahot Bank Ltd.

    65,113       2,423,331  

Monday.com Ltd.(a)

    7,777       1,633,481  

Nice Ltd.(a)

    17,496       3,630,103  

Teva Pharmaceutical Industries Ltd., ADR(a)

    305,809       3,700,289  

Wix.com Ltd.(a)

    15,962       2,025,259  
   

 

 

 
      32,761,160  
Italy — 0.6%            

Amplifon SpA

    31,325       1,022,401  

Assicurazioni Generali SpA

    276,430       6,166,301  

Banco BPM SpA

    258,149       1,392,789  

DiaSorin SpA

    6,892       633,781  

Enel SpA

    2,117,468       14,448,280  

Eni SpA

    644,437       10,273,189  

Ferrari NV

    35,020       12,212,775  

FinecoBank Banca Fineco SpA

    146,167       2,107,489  

Infrastrutture Wireless Italiane SpA(c)

    45,609       551,505  

Intesa Sanpaolo SpA

    4,248,130        13,089,736  

Leonardo SpA(b)

    77,415       1,351,206  

Mediobanca Banca di Credito Finanziario SpA

    221,738       2,936,698  

Moncler SpA

    51,408       3,162,452  

Nexi SpA(a)(c)

    138,663       1,063,609  

Poste Italiane SpA(c)

    103,000       1,116,896  

Prysmian SpA

    95,153       4,187,668  

Recordati Industria Chimica e Farmaceutica SpA

    43,821       2,418,668  

Snam SpA

    634,082       3,096,821  

Stellantis NV

    554,206       12,207,298  

Telecom Italia SpA/Milano(a)(b)

    3,175,713       957,183  

Tenaris SA, NVS

    152,769       2,412,877  

Terna -Rete Elettrica Nazionale

    513,350       4,328,592  
Security   Shares     Value  
Italy (continued)            

UniCredit SpA

    457,070     $ 13,388,521  
   

 

 

 
      114,526,735  
Japan — 5.5%            

Advantest Corp.

    210,400       8,373,461  

Aeon Co. Ltd.

    172,700       4,127,042  

AGC Inc.

    58,300       2,192,560  

Aisin Corp.

    44,000       1,642,744  

Ajinomoto Co. Inc.

    126,100       5,178,286  

ANA Holdings Inc.(a)

    37,000       817,632  

Asahi Group Holdings Ltd.

    124,400       4,623,692  

Asahi Intecc Co. Ltd.

    69,100       1,312,961  

Asahi Kasei Corp.

    377,200       2,860,512  

Astellas Pharma Inc.

    493,500       5,745,560  

Azbil Corp.

    31,600       1,021,144  

Bandai Namco Holdings Inc.

    161,300       3,492,554  

BayCurrent Consulting Inc.

    42,000       976,458  

Bridgestone Corp.

    161,400       6,993,895  

Brother Industries Ltd.

    63,700       1,067,139  

Canon Inc.

    264,600       7,288,969  

Capcom Co. Ltd.

    48,300       1,842,102  

Central Japan Railway Co.

    176,800       4,418,698  

Chiba Bank Ltd. (The)

    124,000       918,872  

Chubu Electric Power Co. Inc.

    180,700       2,344,164  

Chugai Pharmaceutical Co. Ltd.

    181,900       6,542,983  

Concordia Financial Group Ltd.

    293,000       1,396,275  

Dai Nippon Printing Co. Ltd.

    56,200       1,626,425  

Daifuku Co. Ltd.

    90,000       1,774,799  

Dai-ichi Life Holdings Inc.

    262,800       5,763,930  

Daiichi Sankyo Co. Ltd.

    513,100       15,361,718  

Daikin Industries Ltd.

    74,000       11,857,182  

Daito Trust Construction Co. Ltd.

    17,400       1,979,259  

Daiwa House Industry Co. Ltd.

    150,100       4,641,384  

Daiwa House REIT Investment Corp.

    631       1,114,914  

Daiwa Securities Group Inc.

    396,200       2,839,511  

Denso Corp.

    517,200       8,124,203  

Dentsu Group Inc.

    55,700       1,478,349  

Disco Corp.

    25,300       6,826,926  

East Japan Railway Co.

    84,400       4,827,057  

Eisai Co. Ltd.

    70,300       3,310,331  

ENEOS Holdings Inc.

    842,980       3,404,419  

FANUC Corp.

    254,100       7,029,006  

Fast Retailing Co. Ltd.

    48,600       12,975,071  

Fuji Electric Co. Ltd.

    40,700       2,038,256  

FUJIFILM Holdings Corp.

    98,800       6,262,428  

Fujitsu Ltd.

    48,700       6,740,774  

GLP J-REIT

    1,153       1,029,437  

Hamamatsu Photonics KK

    33,300       1,315,513  

Hankyu Hanshin Holdings Inc.

    70,300       2,150,865  

Hikari Tsushin Inc.

    6,500       1,132,624  

Hirose Electric Co. Ltd.

    9,200       1,070,446  

Hitachi Construction Machinery Co. Ltd.

    31,000       879,544  

Hitachi Ltd.

    251,800        19,778,978  

Honda Motor Co. Ltd.

    1,269,300       14,188,311  

Hoshizaki Corp.

    30,300       1,102,355  

Hoya Corp.

    96,800       12,296,414  

Hulic Co. Ltd.

    124,800       1,378,084  

Ibiden Co. Ltd.(b)

    30,900       1,554,886  

Idemitsu Kosan Co. Ltd.

    265,900       1,476,537  

Iida Group Holdings Co. Ltd.

    36,200       546,509  

Inpex Corp.

    266,600       3,623,749  

Isuzu Motors Ltd.

    173,100       2,361,939  

ITOCHU Corp.

    310,900       14,109,917  

 

 

18  

2 0 2 4I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

January 31, 2024

  

iShares® MSCI ACWI ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Japan Airlines Co. Ltd.

    42,000     $ 807,062  

Japan Exchange Group Inc.

    140,100       3,100,651  

Japan Metropolitan Fund Invest

    1,920       1,303,379  

Japan Post Bank Co. Ltd.

    403,700       4,198,418  

Japan Post Holdings Co. Ltd.

    570,300       5,459,300  

Japan Post Insurance Co. Ltd.

    50,200       939,838  

Japan Real Estate Investment Corp.

    361       1,383,908  

Japan Tobacco Inc.

    324,200       8,545,064  

JFE Holdings Inc.

    135,900       2,145,700  

JSR Corp.

    48,700       1,328,276  

Kajima Corp.

    124,100       2,214,795  

Kansai Electric Power Co. Inc. (The)

    212,500       2,898,954  

Kao Corp.

    129,600       5,127,956  

Kawasaki Kisen Kaisha Ltd.

    37,900       1,846,631  

KDDI Corp.

    403,200       13,360,046  

KDX Realty Investment Corp.

    1,139       1,235,521  

Keisei Electric Railway Co. Ltd.

    35,500       1,606,370  

Keyence Corp.

    53,400       23,891,047  

Kikkoman Corp.

    41,300       2,541,116  

Kintetsu Group Holdings Co. Ltd.

    55,300       1,706,417  

Kirin Holdings Co. Ltd.

    223,100       3,206,830  

Kobe Bussan Co. Ltd.

    45,000       1,149,872  

Koei Tecmo Holdings Co. Ltd.

    32,800       408,562  

Koito Manufacturing Co. Ltd.

    62,800       961,423  

Komatsu Ltd.

    238,300       6,779,623  

Konami Group Corp.

    28,100       1,728,099  

Kose Corp.

    9,700       634,600  

Kubota Corp.

    284,500       4,306,609  

Kyocera Corp.

    350,300       5,128,417  

Kyowa Kirin Co. Ltd.

    80,900       1,274,334  

Lasertec Corp.

    21,000       5,469,009  

LY Corp.

    761,100       2,367,807  

M3 Inc.

    122,900       1,939,362  

Makita Corp.

    62,900       1,692,953  

Marubeni Corp.

    393,300       6,708,386  

MatsukiyoCocokara & Co.

    90,300       1,641,362  

Mazda Motor Corp.

    155,200       1,881,559  

McDonald’s Holdings Co. Japan Ltd.

    24,100       1,073,040  

MEIJI Holdings Co. Ltd.

    73,200       1,770,313